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National Bank of Belgium
(35 results)-
White Papers
Monetary Policy, Asset Prices And Macroeconomic Conditions : A Panel-VAR Study
October 17, 2008, 12:00am PDT
This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential property and equity prices in 17 OECD countries, using quarterly data for...
Provided by National Bank of Belgium
-
White Papers
Inflation Dynamics With Labour Market Matching : Assessing Alternative Specifications
May 1, 2009, 12:00am PDT
The key task of central banks is to maintain price stability by controlling inflation and, for this reason, it is important to understand what drives the dynamics of inflation. A crucial element...
Provided by National Bank of Belgium
-
White Papers
Estimating Monetary Policy Reaction Functions : A Discrete Choice Approach
February 1, 2011, 12:00am PST
The author proposes a discrete choice method for estimating monetary policy reaction functions based on research by Hu and Phillips (2004). This method distinguishes between determining the...
Provided by National Bank of Belgium
-
White Papers
Internationalization Strategy And Performance Of Small And Medium Sized Enterprises
October 15, 2010, 12:00am PDT
Focusing on the timing and geographical scope of import and export activities of Belgian Small and Medium sized Enterprises (SMEs), the paper analyzes the importance, structural features and...
Provided by National Bank of Belgium
-
White Papers
The Belgian Iron And Steel Industry In The International Context
March 1, 2009, 12:00am PST
This paper provides a survey of the main developments in the iron and steel industry over the last few decades. The first chapter covers the changing conditions on international markets and...
Provided by National Bank of Belgium
-
White Papers
Multivariate Structural Time Series Models With Dual Cycles : Implications For Measurement Of Output Gap And Potential Growth
August 1, 2008, 12:00am PDT
Structural time series models applied to the factor inputs of a production function often lead to small output gaps and consequently to erratic measures of potential growth. The authors introduce...
Provided by National Bank of Belgium
-
White Papers
Alexandre Lamfalussy And The Origins Of The BIS Macro-prudential Approach To Financial Stability
October 21, 2010, 12:00am PDT
While the financial crisis has left many reputations in tatters, the Bank for International Settlements (BIS) is receiving more and more attention for its analysis of financial stability issues....
Provided by National Bank of Belgium
-
White Papers
On The Origins Of The BIS Macro-prudential Approach To Financial Stability: Alexandre Lamfalussy And Financial Fragility
October 1, 2009, 12:00am PDT
Among the international policy institutions, the Bank for International Settlements (BIS) is known for its sensitivity to financial stability issues. Attention to the "Macro-prudential" dimension...
Provided by National Bank of Belgium
-
White Papers
Financial (In)Stability, Supervision And Liquidity Injections : A Dynamic General Equilibrium Approach
October 1, 2008, 12:00am PDT
This paper develops a dynamic stochastic general equilibrium model with interactions between a heterogeneous banking sector and other private agents. The authors introduce endogenous default...
Provided by National Bank of Belgium
-
White Papers
Imperfect Information, Macroeconomic Dynamics And The Yield Curve : An Encompassing Macro-Finance Model
October 2, 2008, 12:00am PDT
In this paper, the authors estimate an encompassing Macro-Finance model allowing for time variation in the equilibrium real rate, mispricing and learning dynamics. The encompassing model...
Provided by National Bank of Belgium
-
White Papers
Agency Problems In Structured Finance - A Case Study Of European CLOs
August 1, 2008, 12:00am PDT
This paper is a case study that focuses on possible incentive problems in the management of Collateralized Loan Obligations (CLOs). CLOs are the most important type of special purpose vehicles in...
Provided by National Bank of Belgium
-
White Papers
The Development Of Monetary Policy In The 20th Century - Some Reflections
April 29, 2010, 12:00am PDT
In this paper, the author outlines - from a practitioner's as well as from a researcher's perspective - several of the key developments that took place during the last century in monetary policy....
Provided by National Bank of Belgium
-
White Papers
Input-output Connections Between Sectors And Optimal Monetary Policy
June 1, 2009, 12:00am PDT
This paper considers the monetary policy implications of a model that features input-output connections between stages of production, so that a distinction between CPI inflation and PPI inflation...
Provided by National Bank of Belgium
-
White Papers
Estimation Of Monetary Policy Preferences In A Forward-looking Model : A Bayesian Approach
March 1, 2008, 12:00am PST
In this paper, the authors adopt a Bayesian approach towards the estimation of the monetary policy preference parameters in a general equilibrium framework. They start from the model presented by...
Provided by National Bank of Belgium
-
White Papers
Economic Importance Of The Belgian Ports: Flemish Maritime Ports, Liège Port Complex And The Port Of Brussels - Report 2009
June 1, 2011, 12:00am PDT
This paper is an annual publication issued by the Microeconomic Analysis service of the National Bank of Belgium. The Flemish maritime ports (Antwerp, Ghent, Oostende, Zeebrugge), the Autonomous...
Provided by National Bank of Belgium
-
White Papers
Estimating Monetary Policy Reaction Functions: A Discrete Choice Approach
February 1, 2011, 12:00am PST
The author proposes a discrete choice method for estimating monetary policy reaction functions based on research by Hu and Phillips (2004). This method distinguishes between determining the...
Provided by National Bank of Belgium
-
White Papers
What Determines Euro Area Bank CDS Spreads?
May 1, 2010, 12:00am PDT
This paper decomposes the explained part of the CDS spread changes of 31 listed euro area banks according to various risk drivers. The choice of the credit risk drivers is inspired by the Merton...
Provided by National Bank of Belgium
-
White Papers
A Century Of Macroeconomic And Monetary Thought At The National Bank Of Belgium
April 29, 2010, 12:00am PDT
A century of macroeconomic and monetary thought at the National Bank of Belgium traces the history of economic research at the National Bank of Belgium, from the early decades of the 20th century...
Provided by National Bank of Belgium
-
White Papers
Getting Rid Of Keynes? A Survey Of The History Of Macroeconomics From Keynes To Lucas And Beyond
April 29, 2010, 12:00am PDT
The aim of this paper is to recount the ebbs and flows of Keynesianism over the history of macroeconomics. The bulk of the paper consists of a discussion of the main episodes of the unfolding of...
Provided by National Bank of Belgium
-
White Papers
Empirical Evidence On The Aggregate Effects Of Anticipated And Unanticipated US Tax Policy Shocks
November 1, 2009, 12:00am PDT
The authors provide empirical evidence on the dynamic effects of tax liability changes in the United States. They distinguish between surprise and anticipated tax changes using a timing...
Provided by National Bank of Belgium
-
White Papers
Analysis Of Business Demography Using Markov Chains: An Application To Belgian Data
July 1, 2009, 12:00am PDT
This paper applies the theory of finite Markov chains to analyze the demographic evolution of Belgian enterprises. While other methodologies concentrate on the entry and exit of firms, the Markov...
Provided by National Bank of Belgium
-
White Papers
Model Misspecification, Learning And The Exchange Rate Disconnect Puzzle
July 1, 2009, 12:00am PDT
Rational expectations models fail to explain the disconnect between the exchange rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, the...
Provided by National Bank of Belgium
-
White Papers
The Young Lamfalussy: An Empirical And Policy-Oriented Growth Theorist
April 1, 2009, 12:00am PDT
Alexandre Lamfalussy has been highly influential in the process of European monetary and financial unification. In this paper, the authors will analyze the work of the "Young Lamfalussy" (from the...
Provided by National Bank of Belgium
-
White Papers
Forecast With Judgment And Models
December 1, 2008, 12:00am PST
In this paper, the author proposes a model-consistent and parsimonious method of combining judgmental and model-based forecasts. The author suggests modeling the judgmental forecasts as optimal...
Provided by National Bank of Belgium
-
White Papers
Rent-Sharing Under Different Bargaining Regimes: Evidence From Linked Employer-Employee Data
December 1, 2008, 12:00am PST
In many European countries, the majority of workers have their wage rates determined directly by industry-level agreements. For some workers, industry agreements are supplemented by firm-specific...
Provided by National Bank of Belgium
-
White Papers
Risk Premiums And Macroeconomic Dynamics In A Heterogeneous Agent Model
October 17, 2008, 12:00am PDT
The authors analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the...
Provided by National Bank of Belgium
-
White Papers
Monetary Policy, Asset Prices And Macroeconomic Conditions: A Panel-VAR Study
October 17, 2008, 12:00am PDT
This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential property and equity prices in 17 OECD countries, using quarterly data for...
Provided by National Bank of Belgium
-
White Papers
Housing Market Spillovers: Evidence From An Estimated DSGE Model
October 17, 2008, 12:00am PDT
The authors study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the last 40 years can be explained by slow technological progress in...
Provided by National Bank of Belgium
-
White Papers
Do Survey Indicators Let Us See The Business Cycle? A Frequency Decomposition
March 1, 2008, 12:00am PST
This paper uses a frequency domain approach to gain insight into the correlation between survey indicators and year-on-year GDP growth. Using the Baxter-King filter, the authors split up each...
Provided by National Bank of Belgium
-
White Papers
Estimation Of Monetary Policy Preferences In A Forward-Looking Model: A Bayesian Approach
March 1, 2008, 12:00am PST
In this paper, the authors adopt a Bayesian approach towards the estimation of the monetary policy preference parameters in a general equilibrium framework. They start from the model presented by...
Provided by National Bank of Belgium
-
White Papers
Economic Importance Of Belgian Transport Logistics
January 1, 2008, 12:00am PST
The years 2005 and 2006 saw a continued expansion in worldwide trade and maritime cargo traffic, mainly sustained by the thriving Asian economies. Belgium was no exception to the rule....
Provided by National Bank of Belgium
-
White Papers
Failure Prediction Models: Performance, Disagreements, And Internal Rating Systems
December 1, 2007, 12:00am PST
The authors address a number of comparative issues relating to the performance of failure prediction models for small, private firms. They use two models provided by vendors, a model developed by...
Provided by National Bank of Belgium
-
White Papers
Dynamic Order Submission Strategies With Competition Between A Dealer Market And A Crossing Network
November 1, 2007, 12:00am PDT
The authors present a dynamic microstructure model where a Dealer Market (DM) and a Crossing Network (CN) interact. Sequentially arriving traders with different valuations for an asset maximise...
Provided by National Bank of Belgium
-
White Papers
Can Excess Liquidity Signal An Asset Price Boom?
August 1, 2007, 12:00am PDT
This paper analyzes the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis...
Provided by National Bank of Belgium
-
White Papers
The Link Between Mobile Telephony Arrears and Credit Arrears
March 1, 2011, 12:00am PST
At the request of the Minister for Climate and Energy, Paul Magnette, who is also responsible for Consumer Affairs, the NBB's Microeconomic Analysis Service conducted an investigation into the...
Provided by National Bank of Belgium
-
White Papers
The Link Between Mobile Telephony Arrears and Credit Arrears
March 1, 2011, 12:00am PST
At the request of the Minister for Climate and Energy, Paul Magnette, who is also responsible for Consumer Affairs, the NBB's Microeconomic Analysis Service conducted an investigation into the...
Provided by National Bank of Belgium
-
White Papers
Can Excess Liquidity Signal An Asset Price Boom?
August 1, 2007, 12:00am PDT
This paper analyzes the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis...
Provided by National Bank of Belgium
-
White Papers
Dynamic Order Submission Strategies With Competition Between A Dealer Market And A Crossing Network
November 1, 2007, 12:00am PDT
The authors present a dynamic microstructure model where a Dealer Market (DM) and a Crossing Network (CN) interact. Sequentially arriving traders with different valuations for an asset maximise...
Provided by National Bank of Belgium
-
White Papers
Failure Prediction Models: Performance, Disagreements, And Internal Rating Systems
December 1, 2007, 12:00am PST
The authors address a number of comparative issues relating to the performance of failure prediction models for small, private firms. They use two models provided by vendors, a model developed by...
Provided by National Bank of Belgium
-
White Papers
Economic Importance Of Belgian Transport Logistics
January 1, 2008, 12:00am PST
The years 2005 and 2006 saw a continued expansion in worldwide trade and maritime cargo traffic, mainly sustained by the thriving Asian economies. Belgium was no exception to the rule....
Provided by National Bank of Belgium
-
White Papers
Estimation Of Monetary Policy Preferences In A Forward-Looking Model: A Bayesian Approach
March 1, 2008, 12:00am PST
In this paper, the authors adopt a Bayesian approach towards the estimation of the monetary policy preference parameters in a general equilibrium framework. They start from the model presented by...
Provided by National Bank of Belgium
-
White Papers
Do Survey Indicators Let Us See The Business Cycle? A Frequency Decomposition
March 1, 2008, 12:00am PST
This paper uses a frequency domain approach to gain insight into the correlation between survey indicators and year-on-year GDP growth. Using the Baxter-King filter, the authors split up each...
Provided by National Bank of Belgium
-
White Papers
Housing Market Spillovers: Evidence From An Estimated DSGE Model
October 17, 2008, 12:00am PDT
The authors study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the last 40 years can be explained by slow technological progress in...
Provided by National Bank of Belgium
-
White Papers
Monetary Policy, Asset Prices And Macroeconomic Conditions: A Panel-VAR Study
October 17, 2008, 12:00am PDT
This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential property and equity prices in 17 OECD countries, using quarterly data for...
Provided by National Bank of Belgium
-
White Papers
Risk Premiums And Macroeconomic Dynamics In A Heterogeneous Agent Model
October 17, 2008, 12:00am PDT
The authors analyze financial risk premiums and real economic dynamics in a DSGE model with three types of agents - shareholders, bondholders and workers - that differ in participation in the...
Provided by National Bank of Belgium
-
White Papers
Rent-Sharing Under Different Bargaining Regimes: Evidence From Linked Employer-Employee Data
December 1, 2008, 12:00am PST
In many European countries, the majority of workers have their wage rates determined directly by industry-level agreements. For some workers, industry agreements are supplemented by firm-specific...
Provided by National Bank of Belgium
-
White Papers
Forecast With Judgment And Models
December 1, 2008, 12:00am PST
In this paper, the author proposes a model-consistent and parsimonious method of combining judgmental and model-based forecasts. The author suggests modeling the judgmental forecasts as optimal...
Provided by National Bank of Belgium
-
White Papers
The Young Lamfalussy: An Empirical And Policy-Oriented Growth Theorist
April 1, 2009, 12:00am PDT
Alexandre Lamfalussy has been highly influential in the process of European monetary and financial unification. In this paper, the authors will analyze the work of the "Young Lamfalussy" (from the...
Provided by National Bank of Belgium
-
White Papers
Model Misspecification, Learning And The Exchange Rate Disconnect Puzzle
July 1, 2009, 12:00am PDT
Rational expectations models fail to explain the disconnect between the exchange rate and macroeconomic fundamentals. In line with survey evidence on the behaviour of foreign exchange traders, the...
Provided by National Bank of Belgium
-
White Papers
Analysis Of Business Demography Using Markov Chains: An Application To Belgian Data
July 1, 2009, 12:00am PDT
This paper applies the theory of finite Markov chains to analyze the demographic evolution of Belgian enterprises. While other methodologies concentrate on the entry and exit of firms, the Markov...
Provided by National Bank of Belgium
-
White Papers
Empirical Evidence On The Aggregate Effects Of Anticipated And Unanticipated US Tax Policy Shocks
November 1, 2009, 12:00am PDT
The authors provide empirical evidence on the dynamic effects of tax liability changes in the United States. They distinguish between surprise and anticipated tax changes using a timing...
Provided by National Bank of Belgium
-
White Papers
Getting Rid Of Keynes? A Survey Of The History Of Macroeconomics From Keynes To Lucas And Beyond
April 29, 2010, 12:00am PDT
The aim of this paper is to recount the ebbs and flows of Keynesianism over the history of macroeconomics. The bulk of the paper consists of a discussion of the main episodes of the unfolding of...
Provided by National Bank of Belgium
-
White Papers
A Century Of Macroeconomic And Monetary Thought At The National Bank Of Belgium
April 29, 2010, 12:00am PDT
A century of macroeconomic and monetary thought at the National Bank of Belgium traces the history of economic research at the National Bank of Belgium, from the early decades of the 20th century...
Provided by National Bank of Belgium
-
White Papers
What Determines Euro Area Bank CDS Spreads?
May 1, 2010, 12:00am PDT
This paper decomposes the explained part of the CDS spread changes of 31 listed euro area banks according to various risk drivers. The choice of the credit risk drivers is inspired by the Merton...
Provided by National Bank of Belgium
-
White Papers
Estimating Monetary Policy Reaction Functions: A Discrete Choice Approach
February 1, 2011, 12:00am PST
The author proposes a discrete choice method for estimating monetary policy reaction functions based on research by Hu and Phillips (2004). This method distinguishes between determining the...
Provided by National Bank of Belgium
-
White Papers
Economic Importance Of The Belgian Ports: Flemish Maritime Ports, Liège Port Complex And The Port Of Brussels - Report 2009
June 1, 2011, 12:00am PDT
This paper is an annual publication issued by the Microeconomic Analysis service of the National Bank of Belgium. The Flemish maritime ports (Antwerp, Ghent, Oostende, Zeebrugge), the Autonomous...
Provided by National Bank of Belgium
-
White Papers
Estimation Of Monetary Policy Preferences In A Forward-looking Model : A Bayesian Approach
March 1, 2008, 12:00am PST
In this paper, the authors adopt a Bayesian approach towards the estimation of the monetary policy preference parameters in a general equilibrium framework. They start from the model presented by...
Provided by National Bank of Belgium
-
White Papers
Input-output Connections Between Sectors And Optimal Monetary Policy
June 1, 2009, 12:00am PDT
This paper considers the monetary policy implications of a model that features input-output connections between stages of production, so that a distinction between CPI inflation and PPI inflation...
Provided by National Bank of Belgium
-
White Papers
The Development Of Monetary Policy In The 20th Century - Some Reflections
April 29, 2010, 12:00am PDT
In this paper, the author outlines - from a practitioner's as well as from a researcher's perspective - several of the key developments that took place during the last century in monetary policy....
Provided by National Bank of Belgium
-
White Papers
Agency Problems In Structured Finance - A Case Study Of European CLOs
August 1, 2008, 12:00am PDT
This paper is a case study that focuses on possible incentive problems in the management of Collateralized Loan Obligations (CLOs). CLOs are the most important type of special purpose vehicles in...
Provided by National Bank of Belgium
-
White Papers
Imperfect Information, Macroeconomic Dynamics And The Yield Curve : An Encompassing Macro-Finance Model
October 2, 2008, 12:00am PDT
In this paper, the authors estimate an encompassing Macro-Finance model allowing for time variation in the equilibrium real rate, mispricing and learning dynamics. The encompassing model...
Provided by National Bank of Belgium
-
White Papers
Financial (In)Stability, Supervision And Liquidity Injections : A Dynamic General Equilibrium Approach
October 1, 2008, 12:00am PDT
This paper develops a dynamic stochastic general equilibrium model with interactions between a heterogeneous banking sector and other private agents. The authors introduce endogenous default...
Provided by National Bank of Belgium
-
White Papers
On The Origins Of The BIS Macro-prudential Approach To Financial Stability: Alexandre Lamfalussy And Financial Fragility
October 1, 2009, 12:00am PDT
Among the international policy institutions, the Bank for International Settlements (BIS) is known for its sensitivity to financial stability issues. Attention to the "Macro-prudential" dimension...
Provided by National Bank of Belgium
-
White Papers
Alexandre Lamfalussy And The Origins Of The BIS Macro-prudential Approach To Financial Stability
October 21, 2010, 12:00am PDT
While the financial crisis has left many reputations in tatters, the Bank for International Settlements (BIS) is receiving more and more attention for its analysis of financial stability issues....
Provided by National Bank of Belgium
-
White Papers
Multivariate Structural Time Series Models With Dual Cycles : Implications For Measurement Of Output Gap And Potential Growth
August 1, 2008, 12:00am PDT
Structural time series models applied to the factor inputs of a production function often lead to small output gaps and consequently to erratic measures of potential growth. The authors introduce...
Provided by National Bank of Belgium
-
White Papers
The Belgian Iron And Steel Industry In The International Context
March 1, 2009, 12:00am PST
This paper provides a survey of the main developments in the iron and steel industry over the last few decades. The first chapter covers the changing conditions on international markets and...
Provided by National Bank of Belgium
-
White Papers
Internationalization Strategy And Performance Of Small And Medium Sized Enterprises
October 15, 2010, 12:00am PDT
Focusing on the timing and geographical scope of import and export activities of Belgian Small and Medium sized Enterprises (SMEs), the paper analyzes the importance, structural features and...
Provided by National Bank of Belgium
-
White Papers
Estimating Monetary Policy Reaction Functions : A Discrete Choice Approach
February 1, 2011, 12:00am PST
The author proposes a discrete choice method for estimating monetary policy reaction functions based on research by Hu and Phillips (2004). This method distinguishes between determining the...
Provided by National Bank of Belgium
-
White Papers
Inflation Dynamics With Labour Market Matching : Assessing Alternative Specifications
May 1, 2009, 12:00am PDT
The key task of central banks is to maintain price stability by controlling inflation and, for this reason, it is important to understand what drives the dynamics of inflation. A crucial element...
Provided by National Bank of Belgium
-
White Papers
Monetary Policy, Asset Prices And Macroeconomic Conditions : A Panel-VAR Study
October 17, 2008, 12:00am PDT
This paper studies the relationships between inflation, economic activity, credit, monetary policy, and residential property and equity prices in 17 OECD countries, using quarterly data for...
Provided by National Bank of Belgium
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